The alternative protocol asset's (altcoin) price rose to $216.13 today, according to CoinMarketCap.

At this level, it was up more than 17% from the weekly low of $184.07 it reached the day before, additional CoinMarketCap figures show.

Litecoin's upward movement coincided with a broader recovery in cryptocurrencies, which saw the total market value of these digital assets climb more than 10% in less than 24 hours.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Buy The Dip

When explaining the recent rally in cryptocurrencies, several analysts cited market participants buying the dip, claiming that these same traders had also fueled the recent sell-off through profit taking.

We often see significant price fluctuations when "people take profit and then other investors will buy the dip," said Milan Koch, founder and managing partner at alphablock, a crypto-asset hedge fund focused on ICOs.